Earnings per common share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings per common share

8. Earnings per common share

The computations of basic earnings per common share follow:

	Three months ended March 31
	2013			2012
	(in thousands, except per share)
Income available to common shareholders:
Net income	$	274,113			206,463
Less: Preferred stock dividends (a)		(13,363	)		(13,363	)
Amortization of preferred stock discount (a)		(2,147	)		(1,924	)
Net income available to common equity		258,603			191,176
Less: Income attributable to unvested stock-based compensation awards		(3,524	)		(2,940	)
Net income available to common shareholders	$	255,079			188,236
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		129,449			127,157
Less: Unvested stock-based compensation awards		(1,780	)		(1,937	)
Weighted-average shares outstanding		127,669			125,220
Basic earnings per common share	$	2.00			1.50

(a) Including impact of not as yet declared cumulative dividends.

The computations of diluted earnings per common share follow:

	Three months ended March 31
	2013			2012
	(in thousands, except per share)
Net income available to common equity	$	258,603			191,176
Less: Income attributable to unvested stock-based compensation awards		(3,507	)		(2,935	)
Net income available to common shareholders	$	255,096			188,241
Adjusted weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards		129,449			127,157
Less: Unvested stock-based compensation awards		(1,780	)		(1,937	)
Plus: Incremental shares from assumed conversion of stock-based compensation awards and convertible preferred stock		967			396
Adjusted weighted-average shares outstanding		128,636			125,616
Diluted earnings per common share	$	1.98			1.50

GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units, which, in accordance with GAAP, are considered participating securities.

Stock-based compensation awards and warrants to purchase common stock of M&T representing approximately 4.7 million and 10.0 million common shares during the three-month periods ended March 31, 2013 and 2012, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.